Zhuzhou CRRC Times Electric (3898) H2 2025 earnings summary

Executive summary

• Revenue reached RMB28.70 billion, up 15.23% year-over-year; net profit attributable to shareholders was RMB4.10 billion, up 10.64% year-over-year.

• Basic EPS increased 14.12% to RMB2.99; total assets rose 11.24% to RMB72.08 billion.

• The company maintained leading positions in rail transit, semiconductors, automotive, new energy, marine, and industrial sectors.

• Significant progress in innovation, digital transformation, and international expansion, including new semiconductor production lines and overseas projects.

Financial highlights

• Revenue: RMB28.70 billion (+15.23% YoY); net profit: RMB4.31 billion (+9.12% YoY).

• Net profit attributable to shareholders: RMB4.10 billion (+10.64% YoY).

• EBITDA: RMB6.45 billion (+15.43% YoY).

• Gross profit margin: 33.43% (+0.95 percentage points YoY).

• Net cash flow from operating activities: RMB3.96 billion (+17.96% YoY).

• R&D investment: RMB3.18 billion, 11.07% of revenue.

• Total dividend for 2025: RMB1.52 billion, 37.12% payout ratio.

Outlook and guidance

• Focus on high-quality development, innovation, and digital transformation in 2026, the first year of the 15th Five-Year Plan.

• Continued expansion in transportation and energy sectors, with emphasis on profitability and new market opportunities.

• Strategic priorities include technological leadership, sector-based governance, and global operations.